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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income:        
Rental income $ 38,038 $ 37,438 $ 76,794 $ 74,787
Other property income 87 62 136 180
Total income 38,125 37,500 76,930 74,967
Expenses:        
Property operating expenses 8,026 7,420 16,610 14,736
Real estate tax expense 4,604 4,710 9,108 9,493
General and administrative expenses 1,397 1,434 3,321 2,978
Business management fee 2,245 2,231 4,487 4,486
Depreciation and amortization 14,272 14,594 28,737 29,153
Total expenses 30,544 30,389 62,263 60,846
Other Income (Expense):        
Interest expense (9,792) (10,386) (19,519) (20,816)
Interest and other income 55 72 95 154
Net loss $ (2,156) $ (3,203) $ (4,757) $ (6,541)
Net loss per common share, basic $ (0.06) $ (0.09) $ (0.13) $ (0.18)
Net loss per common share, diluted $ (0.06) $ (0.09) $ (0.13) $ (0.18)
Weighted average number of common shares outstanding, basic 36,104,130 36,130,886 36,104,130 36,141,292
Weighted average number of common shares outstanding, diluted 36,104,130 36,130,886 36,104,130 36,141,292
Comprehensive loss:        
Net Income (Loss) $ (2,156) $ (3,203) $ (4,757) $ (6,541)
Unrealized (loss) gain on derivatives (372) 3,187 (2,869) 13,253
Reclassification adjustment for amounts included in net loss (2,931) (4,322) (5,831) (8,659)
Comprehensive loss $ (5,459) $ (4,338) $ (13,457) $ (1,947)